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Thoughts about economic and business issues by and for the NYU Stern community -- and others with similar interests. The content reflects the views of individual NYU faculty but not necessarily those of NYU. Comments and suggestions welcome. Special thanks to our tech consultant, MBA alum Tim Reilly.

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Interview with Mark Gertler

May 6, 2014

Mark is one of our colleagues, and one of the reasons it’s so much fun to do economics at NYU. This interview from the Richmond Fed covers a lot of ground, but I thought these were highlights (lightly edited for continuity):

“When we look back [at the crisis], we can make sense of things, but what we didn’t really understand was the fragility in the shadow banking system, how it made the economy very vulnerable. I always think of the Warren Buffet line, ‘You don’t know who’s naked until you drain the swimming pool.'”

When did you realize that NYU economics had become a success? “When the quality of graduate students improved. We joked — and it’s not completely joking — that none of us would be accepted now.”